How Skateboard Market will Grow in the Upcoming Year?
7-Nov-2019: The global skateboard market
size is expected to reach USD 2.4 billion by 2025, according to a new report by
Grand View Research, Inc., expanding at a CAGR of 3.1% over the forecast
period. The industry is expected to flourish in future due to several factors
such as increasing awareness regarding newer sports and inclination towards
outdoor sports activities.
Increasing
inclination towards fitness and athletics at a tender age has witnessed
reduction in overweight and obesity issues among children, which results in
increasing preference for skateboarding among children. Various competitions
taking place across the regions have also developed an attraction towards the
sport. It helps to streamline the aggression and frustration of teenagers and
adolescents as a result of high competition among skateboarders. For instance,
X Games, Street League, and Summer Olympics 2020 have provided a boost to the
upcoming skaters and manufacturers of skateboards to flourish in the market.
Rising construction
of skate parks have also fueled the growth of the market. Increasing support
for construction of public skate parks has induced the governments to take
initiatives for such construction. Therefore, government is putting efforts in
the construction of appropriate skate parks by proper design and standards. For
instance, in April 2015, the Indian government has funded to open the country’s
first government funded skate park in Pune city. Furthermore, in July 2016, the
World Skateboarding Federation in partnership with Montreal Olympic Park has
planned to construct a world class skate park. The park was a host for 2017
Canadian Skateboarding Championship and is also expected to host all future
national and international skateboarding events.
North America emerged
as the largest regional market, accounting for 31.7% share of global revenue in
2018. Increased awareness regarding skateboarding as well as wide product
availability in the region is driving the market. According to a recent survey,
skateboard is marked at the third position in the most popular sports category
after football and basketball. Asia Pacific is considered to be the fastest
growing market on account of increasing awareness regarding outdoor sports
activities.
Emergence of
electric skateboards as an upgraded version also acts as a key factor driving
the product demand in the market. Electric boards are enabled with sensory
controls and weight determination, which can be powered or controlled by a
remote or an app through a smartphone. These boards entail speed control with
faster commute benefits and are also equipped with safety brakes that help the
skater to keep the board in control. Growing trend of digitally equipped sports
is also fueling the demand for skateboarding as a sport activity.
In
depth research report on Skateboard Market
Further key findings from the study suggest:
·
By product, long board is projected to ascend at a CAGR of
3.8% over the forecast period
·
By end user, teenagers dominated the global market with an
overall revenue share of 44.1% in 2018
·
North America dominated the global market in 2018 and
accounted for 31.7% share of the overall revenue. This trend is projected to
continue over the next few years
·
The skateboard market is highly competitive in nature with
the main players including Element Skateboards, Krown Skateboards, SK8FACTORY,
Skate One, and Absolute Board Co.
Grand View Research
has segmented the global skateboard market on the basis of product, end user,
and region:
Skateboard Product Outlook (Revenue, USD Million, 2015 -
2025)
·
Street Board
·
Cruiser Board
·
Long Board
·
Others
Skateboard End User Outlook (Revenue, USD Million, 2015 -
2025)
·
Kids
·
Teenagers
·
Adults
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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